April 22, 2005
Staff research, Publications
-
-
April 20, 2005
Conference Summary: Canada in the Global Economy
The Bank of Canada's 2004 research conference examined the real and financial linkages between the Canadian economy and the economies in the rest of the world. Although Canada has profited enormously from its openness to international trade in goods, services, and financial assets, many of the most significant shocks to the Canadian economy in recent years have come from abroad. For these reasons, understanding the extent and nature of the external linkages, their implications for the Canadian economy, and the process by which the Canadian economy adjusts to external shocks is of critical importance both for monetary policy and for monitoring the financial system. This article describes the purpose of the conference—to deepen economists' understanding of these important issues—and provides highlights of the papers presented in each of the five sessions, as well as summaries of the keynote lecture and the discussion of the policy panel. -
April 19, 2005
Communication: A Vital Tool in the Implementation of Monetary Policy
Remarks by Paul Jenkins, Senior Deputy Governor, Bank of Canada, to the FMAC/FMA-USA Joint Conference 2004 -
April 14, 2005
Monetary Policy Report – April 2005
The global economy has been unfolding largely as expected, and prospects for continued robust growth are quite favourable, especially over the near term. -
April 4, 2005
Business Outlook Survey - Spring 2005
Businesses are more optimistic about the economic outlook than in the winter survey. The greater stability of the Canadian dollar in the three months since the previous survey has helped to ease concerns among exporters. Businesses continue to expect strong domestic sales. -
Do Exchange Rates Affect the Capital-Labour Ratio? Panel Evidence from Canadian Manufacturing Industries
Using industry-level data for Canadian manufacturing industries from 1981 to 1997, the authors find empirical evidence of a negative relationship between the capital-labour ratio and the user cost of capital relative to the price of labour. -
An Analysis of Closure Policy under Alternative Regulatory Structures
The author develops a theoretical model of bank closure. The regulatory decision about bank failure consists of two parts: whether to close and how to close. -
Educational Spillovers: Does One Size Fit All?
In a search model of production, where agents accumulate heterogeneous amounts of human capital, an individual worker's wage depends on average human capital in the searching population. -
State Dependence in Fundamentals and Preferences Explains Risk-Aversion Puzzle
The authors examine the ability of economic models with regime shifts to rationalize and explain the risk-aversion and pricing-kernel puzzles put forward in Jackwerth (2000). -
March 28, 2005
The Thiessen Lectures
Lectures delivered by Gordon G. Thiessen, Governor of the Bank of Canada 1994 to 2001